RATE Group | Bitcoin Lacks Momentum And A Break Below $5K Could Be Trend Defining
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Bitcoin Lacks Momentum And A Break Below $5K Could Be Trend Defining

19 Mar Bitcoin Lacks Momentum And A Break Below $5K Could Be Trend Defining

Posted at 07:19h in Bitcoin News by

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Bitcoin is struggling to gain momentum above $5,500 resistance against the US Dollar. If BTC price breaks the $5,000 support, it could start a major decline in the near term.

  • Bitcoin is currently trading in a range between $5,000 and $5,500 against the US Dollar.
  • A break below the $5,000 support could set the stage for a fresh decline.
  • There is a key ascending channel forming with support near $5,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could gain bullish momentum if there is a clear break above $5,500 and $5,600.

Bitcoin Stuck In a Range

After a close above the $5,000 pivot level, bitcoin extended its rise against the US Dollar. BTC price traded above the $5,400 resistance and the 100 hourly simple moving average.

However, the price faced a strong selling interest above the $5,500 level. The bulls made a couple of attempts to gain pace above $5,500 and $5,600, but they failed. The last high was near $5,568 and the price is currently correcting…

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